Based in Park City, Utah, PREP is a vertically-integrated real estate
company with exceptional retailer relationships and a highly experienced
team of acquisitions, leasing, management, and development experts. PREP
is led by President & CEO Michael Phillips, COO Sara Brennan, and a
seasoned management team, all of whom have an average of 20+ years of
retail real estate experience.

“We are excited to partner with Almanac, who has a proven track record
of investing in experienced real estate platforms,” said Michael
Phillips, President & CEO of PREP. “Almanac’s commitment signifies their
confidence in our growth strategies and we look forward to their
partnership and growing our portfolio.”

This new investment capital from an Almanac-managed fund will enable
PREP to significantly grow its Strategic Investments division by
repositioning and remerchandising lifestyle centers, power centers and
enclosed malls that are undermanaged, capital-starved, poorly
merchandised and/or distressed. PREP will also expand its Net Lease
Investments division, which acquires well-located, triple-net lease
retail properties from non-institutional sellers and creates value
through lease term restructure or extension.

“This commitment to Mike Phillips and PREP continues Almanac’s tradition
of supporting highly successful and experienced investors who see a
strong market opportunity to create value,” said Andrew Silberstein,
Partner at Almanac. “We are pleased to partner with Mike and his
management team to grow the PREP business.”

About PECO Real Estate Partners

PREP has incorporated Phillips Edison & Company's former development and
strategic retail divisions and will focus on the acquisition,
repositioning and management of power and lifestyle centers, enclosed
malls, mixed use retail projects and single tenant developments. PREP is
a fully integrated real estate operating and asset management company.
The company has expertise in every discipline of retail shopping center
operation and management. Through the execution of a focused investment
strategy, PREP identifies optimal target locations and leverages its
management team's long-standing relationships with brokers, property
owners and retail tenants, to identify and capitalize on development and
redevelopment opportunities. For more information about PREP, visit our
new website at www.pecorep.com.

About Almanac Realty Investors, LLC

Almanac Realty Investors, LLC is a leading provider of growth capital to
public and private real estate companies. From the time of its founding
in 1981, originally under the name Rothschild Realty, the group has
raised $4.8 billion related to a wide array of real estate
opportunities. Since 1996, Almanac’s primary investment activity has
consisted of making private placements into private and public real
estate operating companies. To date, Almanac has committed/invested up
to approximately $4.4 billion into more than 39 companies in North
America. For more information, please visit our website at www.almanacrealty.com.